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USD*
For most depositorsNo lockupUSD* is a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions and tokenized liquid assets.
Make more of what you already hold.
Perena turns a single pool of stablecoin capital into structured credit, with senior and junior seats issued against the same portfolio.
SOL*
For most depositorsNo lockupSOL* is a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions and tokenized liquid assets.
Deposit
- TVL
- Holders
- Expected APY
Est. returns per year:
Deposit
BTC*
For most depositorsNo lockupBTC* is a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions and tokenized liquid assets.
Deposit
- TVL
- Holders
- Expected APY
Est. returns per year:
Deposit
Fully audited, running
publicly on Solana.
Solana.Risk is controlled through cross-platform allocation. USD* is never exposed to a single point of failure.
Build with Perena
Distribute structured credit without building the machinery
Issue senior and junior claims against your strategy on infrastructure that handles the accounting for you. NAV-based valuation, concentration limits, high-water-mark fees, scoped operational authority, and an execution boundary that constrains what the vault can touch.
Talk to the team
Learn more
About USD*
Perena's Flagship Product. Earn a market-driven yield with USD*
USD* is a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions and tokenized liquid assets.
| Where the yield comes from | Allocation target |
|---|---|
| Delta-neutral hedged positions | 50-70% |
| Secured borrow-lend market positions | 10-20% |
| Stablecoins | 5-10% |
All USD* holders share proportional exposure to the aggregated portfolio. Yield compounds into the token price. No staking or claiming is required.
- What backs the product?
- USD* is fully collateralized by a diversified portfolio of yield-generating positions: delta-neutral hedged positions, secured borrow-lend market positions, and stablecoins alongside tokenized real-world assets. Every USD* holder owns a proportional share of that aggregated portfolio, and reserves are attested publicly on the Transparency Dashboard.
- Where are the assets deployed?
- Perena diversifies capital across multiple venues and protocols to reduce reliance on any single strategy or counterparty. The breakdown below shows where capital is currently deployed and how much is allocated to each venue.
- Is the yield fixed or variable?
- Variable. The APY reflects what the underlying strategies actually earn, so it moves with market conditions. Yield compounds into the USD* price rather than being paid out, so there is nothing to claim or restake.
- Can I lose my deposited assets?
- Yes — Perena structures risk, it does not remove it. USD* holders share proportional exposure to the portfolio, so a loss in the underlying strategies would show up as a lower USD* price. Tranching lets you choose your position: the protected seat sits behind a buffer of junior capital, while the junior seat absorbs losses first in exchange for higher upside.
- How quickly can I access my funds?
- There are no lock-ups. USD* is fully liquid: redeem it for a supported stablecoin in the app whenever you like, and the transaction settles on Solana in seconds.
- How do I deposit and withdraw?
- Connect a Solana wallet in the Perena app, choose USD*, and deposit USDC or another supported stablecoin to receive USD* at the current price. To withdraw, redeem USD* back into a supported stablecoin from the same screen.
- Do I need to actively manage my position?
- No. Yield accrues into the USD* price automatically — there is no staking, claiming or rebalancing to do. Your balance simply becomes worth more over time.
- Are there any fees?
- USD* carries a performance fee on the yield it generates. The fee is deducted from returns, never from your deposited principal. There are no Perena deposit or withdrawal fees, though standard Solana network fees may apply.
About SOL*
Perena's yield-bearing SOL. Earn SOL-denominated yield with SOL*
SOL* is a yield-bearing asset that keeps your exposure in SOL — returns accrue into the redemption rate.
- How does SOL* earn?
- Deposited SOL is put to work across managed yield sources. Yield accrues into the exchange rate, so each SOL* redeems for more SOL over time.
- Is the yield fixed or variable?
- Variable. The APY reflects what the underlying strategies actually earn, so it moves with market conditions. Yield compounds into the SOL* price rather than being paid out, so there is nothing to claim or restake.
- Can I lose my deposited assets?
- SOL* keeps your exposure in SOL, so its dollar value moves with the SOL price, and the yield sources carry their own risks. Perena diversifies across managed venues but does not remove that risk.
- How do I deposit and withdraw?
- Deposit SOL — or a supported stablecoin, swapped in the same transaction — to mint SOL* at the current exchange rate. Burning SOL* returns SOL instantly while the vault holds enough available SOL to cover it; larger withdrawals are filled through a redemption queue, usually within a few minutes.
- Do I need to actively manage my position?
- No. Yield accrues into the SOL* price automatically — there is no staking, claiming or rebalancing to do. Your balance simply becomes worth more over time.
- Are there any fees?
- SOL* carries a performance fee on the yield it generates. The fee is deducted from returns, never from your deposited principal. There are no Perena deposit or withdrawal fees, though standard Solana network fees may apply.
About BTC*
Perena's yield-bearing BTC. Earn BTC-denominated yield with BTC*
BTC* is a yield-bearing asset that keeps your exposure in BTC — returns accrue into the redemption rate.
- How does BTC* earn?
- Deposited cbBTC is put to work across managed yield sources. Yield accrues into the exchange rate, so each BTC* redeems for more cbBTC over time.
- Is the yield fixed or variable?
- Variable. The APY reflects what the underlying strategies actually earn, so it moves with market conditions. Yield compounds into the BTC* price rather than being paid out, so there is nothing to claim or restake.
- Can I lose my deposited assets?
- BTC* keeps your exposure in BTC, so its dollar value moves with the BTC price, and the yield sources carry their own risks. Perena diversifies across managed venues but does not remove that risk.
- How do I deposit and withdraw?
- Deposit cbBTC — or a supported stablecoin, swapped in the same transaction — to mint BTC* at the current exchange rate. Burning BTC* returns cbBTC instantly while the vault holds enough available cbBTC to cover it; larger withdrawals are filled through a redemption queue, usually within a few minutes.
- Do I need to actively manage my position?
- No. Yield accrues into the BTC* price automatically — there is no staking, claiming or rebalancing to do. Your balance simply becomes worth more over time.
- Are there any fees?
- BTC* carries a performance fee on the yield it generates. The fee is deducted from returns, never from your deposited principal. There are no Perena deposit or withdrawal fees, though standard Solana network fees may apply.
What would you like to know?